Planning for your Aging Parent's Financial Future | Elder Care Home ...

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Services presents some tips on talking to your parents about financial topics. How to get started and what to learn about so that everyone can gain peace of mind about a senior loved one?s post retirement planning.

Discussing Finances With Your Parents

Along with the legal paperwork, such as Limited Power of Attorney, Medical Surrogate, or Advanced Directives, it is truly important for trusted family members to also discuss aspects of their finances with each other. Incomes, expenses, types of insurance they have and the like.

The future is coming; it may be now for some folks. Be prepared, share some information, discuss different plans, what your parent or parent?s wishes are should their health falter or they may not be able to remain at home for whatever reason. Here are some examples of questions to get the conversation started. Approach talking about financial matters when everyone is calm and not in a hurry.

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*Do they have a financial planner, not just a broker or accountant?

*How have their investments performed?

*Can some holdings be consolidated?

*Do they have enough income and assets to cover their needs for a long retirement?

*Do they have insurance coverage, what kind? Will it cover home care needs? ? Verify what is in the policy, what triggers care?

*What is their major health insurance? Medicare or an HMO?

*If they become incapacitated, short term or longer term for any reason, do they want to remain in the home, remain in Florida, move closer to the ?kids?, and move into congregate living? What is their wish?

*What are their major bills or expenses? How are bills paid? Is there an easier way, electronically or auto debit? There could easily be an easier way for your senior mom or dad to manage their finances.

And if you are feeling lucky or your parents are very forthcoming, ask where important papers are kept, a list of the professionals in their life. Be prepared for resistance, be willing to share a little of your own information and ask for their advice. They were your age once and in your phase of life ? take advantage of their experience.

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Related posts:

1. 65, 75, 85 When Do You Start Planning for Your Old Age?
2. Estate & Financial Planning For Seniors & The Elderly
3. Long Term Care Insurance ? Things to Consider

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Source: http://www.bocahomecareservices.com/blog/planning-aging-parents-financial-future/

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